04/30/2026
How to Get Audited Financial StatementsIf a bank, grantor, board, investor, or regulator has asked for audited financial statements, the clock usually starts ticking right away. Knowing how to get audited financial statements is less about buying a document and more about preparing your records, choosing the right CPA firm, and moving through a formal audit process without costly surprises.
How to get audited financial statements
To get audited financial statements, you need an independent CPA firm that performs audit and attestation services. That firm will examine your accounting records, internal controls, supporting documents, and financial reporting processes, then issue an auditor's report on whether your financial statements are presented fairly in accordance with the applicable accounting framework.
That sounds straightforward, but the timeline, effort, and cost depend on your situation. A nonprofit with grant restrictions, an HOA with reserve activity, and a growing construction company with job costing all bring different risks and documentation needs. The right approach starts with understanding why the audit is required and what the auditor will expect.
When an audit is actually required
Not every business needs audited financial statements. Many organizations only need a compilation or review unless a lender, investor, governing document, government agency, or funding source specifically requires an audit. For example, nonprofits may need one due to grant terms or state thresholds. Businesses may need one for financing, mergers, ownership disputes, or contract compliance. HOAs and CDDs may have audit obligations tied to statutes or governing requirements.
This matters because an audit is the highest level of financial statement assurance. If you ask for an audit when a review would satisfy the requirement, you may spend more time and money than necessary. On the other hand, if a third party clearly requires an audit, a lesser service will not meet the need.
Step 1: Confirm the purpose and deadline
Before hiring anyone, confirm exactly who is requesting the audited financial statements and by when. Ask whether they require a full financial statement audit, a single audit, or another attestation service. Also confirm which reporting framework applies, such as generally accepted accounting principles.
Small wording differences can create major delays. A lender may say “audited statements” when it really wants annual financials prepared under GAAP and audited by an independent CPA. A grant-funded nonprofit may also need additional compliance testing. Clarifying this upfront prevents rework later.
Step 2: Choose an independent CPA firm
You cannot prepare your own audited financial statements. The audit must be performed by an independent CPA firm with experience in your industry and entity type. That experience matters because the audit team needs to understand your risks, common transactions, and reporting requirements.
When evaluating firms, ask whether they regularly audit organizations like yours, what their timeline looks like, what prepared-by-client schedules they require, and who will manage communication. Responsiveness is not a small issue here. Audit delays often happen because questions sit unanswered, documents are requested in pieces, or no one is coordinating the process internally.
Step 3: Get your books audit-ready
This is where many audits either stay on track or go sideways. Your accounting records should be complete and reconciled before fieldwork begins. That includes bank reconciliations, loan balances, accounts receivable aging, accounts payable detail, payroll records, fixed asset schedules, debt agreements, leases, and significant contracts.
If your books are behind, inconsistent, or heavy on manual adjustments, the audit will take longer and likely cost more. Auditors do not function as your bookkeeping department. They can identify issues, propose adjustments, and test balances, but management is still responsible for the financial records and the financial statements.
For many growing organizations, this is the point where outside support helps. Cleanup work, month-end close improvements, and stronger documentation can make the audit process far smoother.
Step 4: Prepare for auditor requests
Once engaged, the audit firm will send a request list. This often includes trial balances, general ledgers, board minutes, bank statements, reconciliations, legal invoices, revenue support, payroll reports, and evidence for significant estimates or unusual transactions.
Expect questions about how money moves through the organization, who approves spending, how entries are reviewed, and what controls exist to reduce error or fraud. If your organization has weak segregation of duties, which is common in smaller businesses and nonprofits, the auditors will likely note it and design procedures accordingly. That does not automatically mean your audit will fail, but it does mean your process may get more scrutiny.
Step 5: Go through fieldwork and follow-up
During fieldwork, auditors test transactions, confirm balances, review supporting documentation, and evaluate accounting policies and internal controls. They may sample deposits, disbursements, journal entries, receivables, payables, and other key accounts. They will also ask management questions and may request additional support after testing begins.
This stage moves faster when one internal point person coordinates responses. If documents come from three departments with no owner, delays build quickly. The best audits are organized, not rushed.
What can slow the process down
The biggest audit delays usually come from unreconciled accounts, missing documentation, late schedules, revenue recognition issues, and unclear cutoff around year-end activity. Related-party transactions can also create extra work, especially if they were handled informally. For nonprofits, donor restrictions and grant tracking often need careful review. For construction companies, work-in-progress reporting and contract accounting can be major focus areas.
A qualified audit firm will help you understand what needs attention, but there is a trade-off. If your records need heavy cleanup, the timeline may need to shift, or you may need separate bookkeeping or CFO support before the audit can be completed efficiently.
How long does it take to get audited financial statements?
It depends on the condition of your books, the complexity of your organization, and how quickly your team can respond. A well-prepared organization may move through the process in a matter of weeks. A more complex audit, or one involving cleanup, multiple entities, grants, or weak documentation, can take much longer.
If you know an audit is coming, do not wait until the deadline is close. Starting early gives you time to fix accounting issues before the auditors are deep into testing.
How much does an audit cost?
Audit fees vary based on entity size, transaction volume, internal control environment, industry complexity, and preparedness. A clean, organized set of books generally reduces audit time. Messy records, repeated follow-up, and unusual transactions usually increase the fee.
The lowest fee is not always the best value. If a firm lacks industry knowledge or communication is poor, delays and disruptions can cost more than the original quote saved. Often imitated, never matched only works when the service behind it is consistent, responsive, and technically sound.
A practical way to make the audit easier
If you expect to need audited financial statements regularly, treat the audit as a year-round process, not a year-end event. Close your books monthly, reconcile accounts on time, keep organized support for major transactions, document approvals, and review financial statements before the auditors do. Organizations that do this usually experience fewer surprises and get more value from the process.
An audit should not just satisfy a requirement. Done well, it can highlight weaknesses in reporting, controls, and financial oversight that deserve attention before they become larger problems.
If you need help understanding how to get audited financial statements or preparing your books for the process, Hallmark CPA Group can help. Call 813-283-0642 or email [email protected] to talk with a team that delivers responsive, practical support for businesses, nonprofits, HOAs, and growing organizations.
Strong financial reporting builds confidence long before someone asks to see the audit report.https://hcpagrp.com/how-to-get-audited-financial-statements/